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Financial News Summary 20th February, 2018

Financial News Summary 20th February, 2018

ICMA: Daily financial news updates for 20th February, 2018. Below are the summaries of today’s news, do have a blissful day.

NSE: Stock Market Records 234bn Loss

Nigerian Stock Exchange Started the week on a negative note as at Monday 19th losing N234bn.

The NSE All-Share Index dropped by 1.5 for each penny to settle at 41,988.18 from 42,638.83 premise focuses recorded on Friday while the year-to-date return directed to 9.8 for every penny.

Marketers were said to have lost N234bn as the NSE values capitalization shut at N15.068tn from N15.302tn.

Delta 30,000 Capacity Refinery Set to Take Off

As indicated by the Commissioner for Oil and Gas Mofe Pirah, at the progressing Nigerian International Petroleum Summit in Abuja, the Delta state 30,000 limit refinery is anticipating endorsement from the Department of Petroleum Recourses and the construction will commence this year.

On Monday, the Delta State Government reported that it would begin the development of three measured refineries with add up to crude refining limit of 30,000 barrels for every day prior to the finish of this current year.

It likewise expressed that it had met with the Department of Petroleum Resources on the issue and was expecting a letter of endorsement from the oil sector controller in Oder to kick start the project.

Oil Production Drops to 1.819mbpd

Nigeria’s oil production diminished by 8,100 barrels for every day (bpd) from 1.828 mbpd it recorded in December, to 1.819mbpd in January.The drop may not be detached with the different line breaches caused by vandals in 2017, prompting the close in of production in numerous fields.

The improvement likewise affected on the total Organization of the Petroleum Exporting Countries (OPEC’s) oil production, which averaged 32.30 mbpd in January, indicating a minor decline of 8,000 tbpd over the past month. Nigeria’s oil production had seen a relentless increment all through last year, from the first to the last quarter, recording 1.594 mbpd, 1.763 mbpd and 1.765 mbpd individually.

Nigerian Businesses Risk €20 Million Fine Over New EU Policy

Nigerian businesses that gather, store and process individual information for European Union (EU) nationals for the arrangement of merchandise and ventures hazard €20 million fine in the event that they neglected to agree to the new General Data Protection Regulation (GDPR).

The National Information Technology Development Agency (NITDA), which drew the consideration of Nigerian organizations to this arrangement, yesterday, noticed that this direction may have enormous effect on Nigerian businesses and people that utilize information technology to gather, store, process and execute with EU citizens personal data in EU domain or somewhere else.

Nigerian Breweries Records N33billion Profit for 2017

Nigerian Breweries Plc has declared its outcomes for the 2017 working year with a profit of N33billion for its shareholders. The proposal, which adds up to a profit of N4.13 per share for the 2017 working year, was a piece of the organization’s recording to the Nigerian Stock Exchange (NSE) at end of the week.

The prescribed profit is comprehensive of an interval profit of N8billion, which is N1.00 per share earlier paid by the organization in November 2017. In a statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Uaboi Agbebaku, the Board additionally reported a N33billion benefit after duty (PAT) for 2017, and income of N344billion.